MIRA INFORM REPORT

 

 

Report Date :

21.09.2013

 

IDENTIFICATION DETAILS

 

Name :

EQUIP PLUS

 

 

Registered Office :

Km 3-5 BD Du Centenaire dela Commune De Dakar

 

 

Country :

Senegal

 

 

Date of Incorporation :

01.04.1988

 

 

Com. Reg. No.:

88B71

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

distributors of farming equipment’s, generators , water pumps

 

 

No. of Employees :

45

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Senegal

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Senegal ECONOMIC OVERVIEW

 

Senegal relies heavily on donor assistance and foreign direct investment. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. After seeing its economy contract by 2.1% in 1993, Senegal made an important turnaround, thanks to an economic reform program backed by the donor community, which led to real growth in GDP averaging over 5% annually during 1995-2007. Annual inflation was pushed down to the single digits. The global economic downturn reduced growth to 2.2% in 2009. The IMF completed a non-dispersing, Policy Support Initiative program in 2010 and approved a new three-year policy support instrument in December 2010 to assist with economic reforms. Senegal also receives disbursements from a $540 million Millennium Challenge Account for infrastructure and agriculture development. In 2012, the economy began to rebound after a weak 2011. The economy continues to suffer from unreliable power supply, which has led to public protests and high unemployment and has prompted migrants to flee Senegal in search of better job opportunities in Europe.

           

Source : CIA

 

 

 

SUBJECT'S NAME   

 

Registered Name:                                   EQUIP PLUS

Requested Name:                                   EQUIP PLUS

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Km 3-5 BD Du Centenaire dela Commune De Dakar,

Postal Address:                                      B.P. 314/28522,

                                                              Dakar,

Country:                                                 Senegal

Phone:                                                   221-8323232/8324873/8320387/8329902/6447481

Fax:                                                       221-8320387

Email:                                                     equiplus@equiplus.sn

Website:                                                 www.equiplus.sn

 

 

CREDIT OPINION

 

Financial Index as of December 2012 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:                                                     Limited Corporation 

Date Incorporated:                                           1-April-1988

Reg. Number:                                                  88B71

Pin Number:                                                     203024508

Nominal Capital                                                CFA. 262,500,000

Subscribed Capital                                           CFA. 262,500,000

 

Subscribed Capital is Subscribed in the following form:

 

                                                                       Position                          Shares

Mr. Serigne Niang                                            CEO                                60%

Mr. Ibrahima Thiam                                           Director                           10%

Mr. Beydi Diop                                                Director                           10%

Mr. Arona Guey                                                Director                           10%

Mr. Francois Paul Sarr                                      Director                           10%

RELATED COMPANIES  

 

None                                                               Parent company.

None                                                               Subsidiary company.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

 

OPERATIONS

 

Registered to operate as distributors of farming equipment’s, generators , water pumps

 

Imports:                                                           Asia, Europe

Exports:                                                          None

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              firms and organizations  

Employees:                                                     45 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                             Senegal

Location:                                                         Leased premises, 5,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                         Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                          West African Franc (CFA.)

Approx. Ex. Rate:                                            1 US Dollar = 491.28 West African Franc

Fiscal Year End:                                              December 31, 2012

Inflation:                                                          According to information given by independent sources, the

                                                                       inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted              

                                                                      

Profit and Loss (expressed in CFA.)

                                                                                   2012

Sales                                                                           2,350,000,000

 

BANK 

 

Bank Name:                                                     BICIS BANK

Branch:                                                            Senegal

Comments:                                                      None

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                    Good

                                                                      

 

NOTARIAL BONDS

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.24

UK Pound

1

Rs.99.90

Euro

1

Rs.84.23

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.